In Oct, monthly property sales was ~800bn rmb, down 1% yoy.
In terms of sqm sold, that was ~76.5mn sqm, down 2% yoy.
If looking at residential property only, those two comparisons were at +1% and -1% yoy.
Year to date comparison would still look bad – residential property sales is down 22% (Jan – Oct) in rmb, and down 16% (Jan – Oct) in sqm.
End of Sep policy support and stock market rally helped the property market.
However, more recently, it seems that the frenzy has faded.
Despite that Oct yoy comparison looks flattish, don’t forget that when comparing with 2021 (Jan-Oct), property sales has dropped 50% in rmb terms!